Victorian Finance also provides information about an industry term called "interest rate buydowns."
(prHWY.com) January 23, 2013 - Houston, TX -- Houston, Texas (January 4, 2012) - Lending firm Victorian Finance is helping homebuyers understand mortgage rates in Houston. The firm shares some general yet often overlooked knowledge of interest rates to help individuals look for their ideal loans.
The company first discusses the annual percentage rate (APR). This is the number representing the annual costs of borrowing funds during the term of a loan. Mortgage companies must indicate the APR when advertising interest rates so there are no hidden fees. By knowing the APR, borrowers can calculate just how much they are really paying for their loans yearly.
Another item the lender imparts knowledge on is adjustable rate mortgages (ARM). In ARMs, interest rates are adjusted periodically based on certain factors. Unlike fixed rate loans, ARMs usually start with interest rates two to three percent lower.
Some people expect their income to grow while exploring ways to lower their mortgage payments. Although some amount of prepayment is needed, interest rate buydowns allow individuals to lower their loan payments in the early years.
By learning more about mortgage finance terms, borrowers will be able to make more informed decisions about the types of loans that may be suitable for their individual circumstances. Victorian Finance helps clients know what the current interest rates are and what options are available to them. They carefully evaluate each inquiring person's situation and provide a customized rate quote for a mortgage in Houston, TX.
Visit
www.VictorianFinance.com to find out more.
About Victorian Finance
Victorian Finance's team of dedicated professionals gives real world advice and solutions involving loan rates and real estate financing. They lend their expertise in 10 other states that include California, Pennsylvania, and Texas. Call them at toll-free 888-333-0191 for more information. Texas Mortgage Banker Reg # 78063.
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